Economy
Naira Loses 0.06% to Sell for N1,502 Per Dollar at Official Market
By Adedapo Adesanya
The Naira recorded its first drawback against the US Dollar in over a week in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, September 11.
It lost 0.06 per cent or 85 Kobo against the greenback in the official market yesterday to settle at N1,502.14/$1 compared with the previous day’s value of N1,501.29/$1.
This was driven by a slight increase in the demand for forex at the market window during the trading session, especially from corporate users and other market players, overlooking the near-term stability that the local currency has shown in the last two months.
However, in the same spot market, the Nigerian currency appreciated against the Pound Sterling on Thursday by N5.11 to sell for N2,029.68/£1 versus the N2,034.79/£1 it was transacted at midweek, and appreciated against the Euro by N4.28 to close at N1,755.09/€1 compared with the preceding day’s N1,759.37/€1.
In the parallel market segment, the Naira maintained stability against the Dollar yesterday, closing unchanged at N1,520/$1.
There are expectations that robust FX liquidity and an efficient forex market will see the local currency trade between N1,500 and N1,550 in coming weeks.
Market analysts expect sustained inflows from foreign portfolio investors (FPIs) to boost liquidity while actionable policies of the Central Bank of Nigeria (CBN) reduces speculation with banks and other sources offering competitive rates.
Also, Nigeria’s gross external reserves increased to $41.624 billion on Wednesday, signalling enough power for the apex bank to step in, when due.
In the cryptocurrency market, traders remained optimistic about possible rate cuts, even as key economic data released on Thursday indicated that the US economy may be on the brink of stagflation – a challenging mix of sluggish growth, a weakening labor market, and rising prices.
Despite these concerns, crypto market participants remain optimistic, focusing instead on anticipated Federal Reserve rate cuts and signals from traditional markets as drivers for higher crypto valuations.
Solana (SOL) surged by 6.5 per cent to $237.88, Dogecoin (DOGE) rose by 4.2 per cent to $0.2612, Ethereum (ETH) improved by 2.3 per cent to $4,453.78, Ripple (XRP) grew by 1.8 per cent to $3.05, and Cardano (ADA) jumped by 1.4 per cent to $0.9012.
Further, Binance Coin (BNB) increased its value by 1.2 per cent to sell for $908.55, and Bitcoin (BTC) soared by 0.8 per cent to $115,332.27, while Litecoin (LTC) depreciated by 0.6 per cent to $116.22, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) trading flat at $1.00 each.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
